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New lichens from Africa
(2021)
The following species are described as new to science, mostly based on specimens collected by the first author: Candelariella flavosorediata from Réunion, Chiodecton leprarioides from Réunion, Lecanactis leprarica from Cameroon, Multisporidea nitida, which is a new species and a new, monotypic genus in the Malmideaceae from Réunion, Neoprotoparmelia fuscosorediata from Kenya, Pyrrhospora endaurantia from Kenya, and Tapellaria isidiata from Cameroon.
In a continuation of my investigation of tropical lichenized fungi, a treatment of new or otherwise interesting lichens mainly from Brazil and Venezuela is presented. A total of 34 species are reported here, most of them new discoveries for at least one the two countries or a new discovery for a state, including 11 species new to science. These are Malmidea albomarginata Kalb & Hernández from Venezuela, differing from M. granifera by the thin, white apothecial margins and a white to yellowish medulla, M. allobakeri Kalb & M. Cáceres from Brazil, differing from M. bakeri in lacking atranorin and in having smaller ascospores, M. allopapillosa Kalb from Venezuela, differing from M. papillosa in having atranorin as a major metabolite, M. atlanticoides Kalb & M. Cáceres from Brazil, differing from M. atlantica in containing atranorin and an unknown anthraquinone as major metabolites, M. hechicerae from Venezuela, differing from M. coralliformis by the K+ lemon-yellow medulla of the thallus, M. hernandeziana Kalb from Venezuela, differing from M. fellhaneroides in having a chocolate-brown hypothecium, larger apothecia and larger ascospores, M. isidiifera Kalb from Brazil and Venezuela, differing from M. piperis in having granular to coralloid isidia and atranorin as a major metabolite, M. leucopiperis Kalb from Brazil and Venezuela, differing from M. piperis in the pale-colored hypothecium, M. rhodopisoides Kalb from Brazil, differing from M. rhodopis in having granular isidia, M. subcinerea Kalb from Venezuela, differing from M. cinerea in producing no lichen substances, and M. volcaniana Kalb & Hernández from Venezuela and Brazil, differing from M. sulphureosorediata in having an alternative anthraquinone-chemistry. In addition, the new combination Stigmatochroma glaucothecum (Fée) Kalb is proposed. New reports for Venezuela include Bacidiopsora microphylla Kalb, B. silvicola (Malme) Kalb (new also for Guatemala), Buellia albula (Nyl.) Müll. Arg., Coenogonium pyrophthalmum (Mont.) Lücking, Aptroot & Sipman, Dirinaria rhodocladonica Kalb, Schumm & Elix, Malmidea badimioides (M. Cáceres & Lücking) M. Cáceres & Kalb (new also for Mexico), M. leptoloma (Müll. Arg.) Kalb & Lücking, M. nigromarginata (Malme) Lücking & Breuss, M. perplexa Kalb, M. polycampia (Tuck.) Kalb & Lücking, M. rhodopis (Tuck.) Kalb, Rivas Plata & Lumbsch, M. sulphureosorediata M. Cáceres, D. A. Mota & Aptroot, M. vinosa (Eschw.) Kalb, Rivas Plata & Lumbsch, Psilolechia lucida (Ach.) Choisy, Rhizocarpon sipmanianum Kalb & Aptroot, Sipmaniella sulfureofusca (Fée) Kalb, Stigmatochroma glaucothecum (Fée) Kalb and Vainionora aemulans (Vain.) Kalb. A collection of Pyxine caesiopruinosa (Nyl.) Imsh. from Venezuela is mentioned and its differentiation from P. albovirens (G. Mey.) Aptroot is discussed. New reports for Brazil include Malmidea atlantica (M. Cáceres & Lücking) M. Cáceres & Kalb (for Bahia state) and M. sulphureosorediata (for São Paulo state). A morphological, anatomical and chemical comparison of type material of Malmidea polycampia (Tuck.) Kalb & Lücking and M. flavopustulosa (M. Cáceres & Lücking) M. Cáceres & Kalb revealed that both names are synonym, the first one having priority. For many species revised descriptions and revised chemistry are presented based on South American material. To facilitate the identification of anthraquinones occurring in Malmidea species a table of relative Rfvalues in solvents A, B' and C is presented.
The species, Bactrospora lamprospora (Nyl.) Lendemer is treated as a synonym of B. metabola (Nyl.) Egea & Torrente. The comparission of characters of all accessible materials and type specimens confirmed that B. lamprospora is conspecific with B. metabola. The distinguishing characters of B. metabola from other species in this group are initially a Homalotropa-type ascospores becomes muriform at maturity, with up to 24–30 transverse septa and ascospore size of 48–105 × 7–14 μm.
We investigate whether the bank crisis management framework of the European banking union can effectively bar the detrimental influence of national interests in cross-border bank failures. We find that both the internal governance structure and decision making procedure of the Single Resolution Board (SRB) and the interplay between the SRB and national resolution authorities in the implementation of supranationally devised resolution schemes provide inroads that allow opposing national interests to obstruct supranational resolution. We also show that the Single Resolution Fund (SRG), even after the ratification of the reform of the European Stability Mechanism (ESM) and the introduction of the SRF backstop facility, is inapt to overcome these frictions. We propose a full supranationalization of resolution decision making. This would allow European authorities in charge of bank crisis management to operate autonomously and achieve socially optimal outcomes beyond national borders.
There have been numerous attempts to reform the Economic and Monetary Union (EMU) after the Great Recession, however the reform success varies greatly among sub-fields. Additionally, the political science research community has engaged a diverse set of theory- driven explanations, causal mechanisms, and variables to explain respective reform success. This article takes stock of reform policies in the EMU from two angles. First, it outlines distinct theoretical approaches that seek to explain success and failure of reform proposals and second, it surveys how they explain policy output and policy outcome in four policy subfields: financial stabilization, economic governance, financial solidarity, and cooperative dissolution. Finally, the article develops a set of explanatory factors from the existing literature that will be used for a Qualitative Comparative Analysis (QCA).
With Big Data, decisions made by machine learning algorithms depend on training data generated by many individuals. In an experiment, we identify the effect of varying individual responsibility for the moral choices of an artificially intelligent algorithm. Across treatments, we manipulated the sources of training data and thus the impact of each individual’s decisions on the algorithm. Diffusing such individual pivotality for algorithmic choices increased the share of selfish decisions and weakened revealed prosocial preferences. This does not result from a change in the structure of incentives. Rather, our results show that Big Data offers an excuse for selfish behavior through lower responsibility for one’s and others’ fate.
Prospective welfare analysis - extending willingness-to-pay assessment to embrace sustainability
(2022)
In this paper we outline how a future change in consumers’ willingness-to-pay can be accounted for in a consumer welfare effects analysis in antitrust. Key to our solution is the prediction of preferences of new consumers and changing preferences of existing consumers in the future. The dimension of time is inextricably linked with that of sustainability. Taking into account the welfare of future cohorts of consumers, concerns for sustainability can therefore be integrated into the consumer welfare paradigm to a greater extent. As we argue in this paper, it is expedient to consider changes in consumers’ willingness-to-pay, in particular if society undergoes profound changes in such preferences, e.g., caused by an increase in generally available information on environmental effects of consumption, and a rising societal awareness about how consumption can have irreversible impacts on the environment. We offer suggestions on how to conceptionalize and operationalize the projection of such consumers’ changing preferences in a “prospective welfare analysis”. This increases the scope of the consumer welfare paradigm and can help to solve conceptual issues regarding the integration of sustainability into antitrust enforcement while keeping consumer surplus as a quantitative gauge.
Using granular supervisory data from Germany, we investigate the impact of unconventional monetary policies via central banks’ purchase of corporate bonds. While this policy results in a loosening of credit market conditions as intended by policy makers, we document two unintended side effects. First, banks that are more exposed to borrowers benefiting from the bond purchases now lend more to high-risk firms with no access to bond markets. Since more loan write-offs arise from these firms and banks are not compensated for this risk by higher interest rates, we document a drop in bank profitability. Second, the policy impacts the allocation of loans among industries. Affected banks reallocate loans from investment grade firms active on bond markets to mainly real estate firms without investment grade rating. Overall, our findings suggest that central banks’ quantitative easing via the corporate bond markets has the potential to contribute to both banking sector instability and real estate bubbles.